Bitcoin trades at $29,000 ‘no man’s land’ as Tesla ESG fallout steers stocks

Bitcoin (BTC) remained lower by $1,000 on May 19 after a gloomy trading session on Wall Street the day before to put the push for further upside.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Musk attacks ESG ‘scam’ after S&P 500 exit

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was at $29,000 at the time of writing, after rebounding at $28,600 on Bitstamp.

The pair fell in line with US stocks, with the S&P 500 in particular identifying the biggest intraday drop since June 2020.

The drama over Tesla, which was removed from the benchmark amid ongoing controversy, fueled the poor performance.

The company’s CEO, Elon Musk, publicly rebuked those behind the decision, which appeared to be related to compliance with so-called environmental, social and governance (ESG) standards.

“ESG is a SCAM. It has been weaponized by phony Social Justice Warriors,” as part of a Twitter response Read.

Cathy Wood, founder and CEO of investment giant Ark Invest, call The decision to exclude Tesla is “ridiculous” and “deserves no further response”.

As anti-inflation measures began to emerge, some argued that the outlook for risky assets was at best one of “consolidation” in the coming months.

Popular trading account CredibleCrypto agreed that Bitcoin was copying the behavior demonstrated by the S&P 500 during the 2008 global financial crisis.

While bond markets could theoretically benefit from financial tightening by central banks around the world, little confidence remained in their investment hypothesis among Bitcoin proponents.

Analyst Dylan Leclerc, who highlights readings from Vanguard’s Total Bond Market Exchange-Traded Fund (ETF), call It’s “the global bubble of everything collapses in real time”.

“It’s going to get even crazier,” he added that day.

Outside of cryptocurrencies, as Cointelegraph recently reported, market commentator Holger Schaebitz frequently refers to the situation as “the biggest bond bubble in 800 years.”

There are still concerns about the new Bitcoin macro drop

Returning to Bitcoin’s shorter time frames, speculation remains focused on potential moves above $30,000 before a deeper correction begins.

Related: First 7-week losing streak in history – 5 things to know in Bitcoin this week

“Maybe some momentum towards $29.7K is possible. Was wondering if we could hold $29.3K to continue, but overall I still expect HL on Bitcoin as we continue to hit $32.8K/$34K,” Michael van de Poppe , contributor to Cointelegraph Tell Twitter followers overnight.

Meanwhile, fellow Crypto trader Tony reiterated his thesis that BTC/USD did not actually bottom out during last week’s tipping at $23,800, and that a more substantial “capitulation” was due.

Additional function describe it Today’s Bitcoin price action so far is in “no man’s land”.

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